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New Valley, The Witkoff Group And Winthrop Realty Trust Acquire 701 Seventh Avenue

Michael L. Ashner, Chairman and Chief Executive Officer of Winthrop, said, “Investing in a property of this nature in the Times Square submarket with these experienced partners is an exciting opportunity for Winthrop. We are pleased to again be partnering with New Valley and look forward to our relationship with The Witkoff Group.”

About New Valley LLC

New Valley owns and partners in a broad spectrum of real estate opportunities throughout the United States and abroad. New Valley also owns a controlling interest in Douglas Elliman Realty, which operates the largest residential real estate brokerage in the New York metropolitan area and is one of the largest residential real estate brokerages in the United States. For additional information, please visit www.vectorgroupltd.com.

About The Witkoff Group

The Witkoff Group is a fully integrated real estate investment firm that owns a diverse portfolio of real estate in select U. S. markets. The company specializes in identifying and acquiring undervalued properties in key central business district locations as well as assets with strong repositioning potential in newly emerging markets. These strategies have guided the company's acquisition and management activities. For additional information, please visit http://www.witkoff.com/.

About Winthrop Realty Trust

Winthrop Realty Trust, headquartered in Boston, Massachusetts, is a NYSE-listed real estate investment trust (REIT) focused on acquiring, owning, operating and investing in real property as well as real estate financial instruments including CMBS, bonds, REIT preferred and common stock. For more information, please visit our web-site at www.winthropreit.com.



Copyright Business Wire 2010
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